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<p>I know people who tried to use the program and the lenders refused to work with them, my neighbor and i have the same mortgage company, she went through a more than year long battle with them and never got a modification. She has now restarted the whole process.

When I lost my job we made the choice to just ride it out when i called the mortgage company and was told that because we were not behind on our payments they wouldn't help us, that if i wanted a modification i had to fall 2 months behind and have foreclosure looming over me. How does that make sense?

its not obama's plan that i blame its the lenders that i blame. and no i didn't buy more house than i could afford as some people assume, we actually bought a house that was $100k less than we were approved for because i knew my budget better than the bank did.</p>

Thanks so far for the replies! Modifying loans made no sense for a person falling behind due to job loss. The plan was not well thought out and that is why it has failed. I Look forward to seeing what others have to say.

From my understanding of the program (could be wrong), you have to already be behind on your mortgage payments to qualify for the program, however you have to have an acceptable credit rating (required by the banks - I don't know if this correlates to government requirements for enrollment in the program). It is rare to have both a mortgage in arrears and a good credit rating since if you don't pay your bills it directly effects your credit. From the outside, ti looks like more of a slush fund of a program that was never really meant for wide spread use.

Another socialized government entitlement program that has failed miserably because there isn't enough money to pay for it - (not enough money .... geez this sounds familiar .... anyone up for a tea party?).

Big shocker .... conservatives were labeled fear mongers for that one too ... I wonder when people will realize that well-intentioned entitlement programs mean squat when there is no money to back them up?